How should George Osborne spend the £1.1bn forex fine? 38 Degrees launches “Nurses vs Bankers” NHS petition November 14, 2014 We had a go at suggesting a few ways George Osborne could spend the £1.1bn windfall from the fine the Financial Conduct Authority slapped on five banks for the parts they played in the forex scandal, and now it's the turn of campaigning organisation 38 Degrees. But where our ideas could have sent us into [...]
HMRC, FCA and PRA tell George Osborne they’ll work more closely together to share information at regular meetings after Banking Standards Review November 14, 2014 Financial regulators and HMRC have outlined plans to work more closely together in the wake of the government investigation into banking standards. The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) will hold regular meetings with HMRC to better share information and expertise on “taxation, regulatory, prudential and consumer implications” that result from policy [...]
Buffett recharges with $3bn Duracell bid November 13, 2014 WARREN Buffett’s Berkshire Hathaway has agreed to acquire Proctor & Gamble’s Duracell battery business in exchange for its $4.7bn (£2.9bn) stake in P&G, the consumer goods company announced yesterday. P&G, whose brands include Pampers and Gillette, also expects to contribute around $1.8bn in cash to capitalise Duracell, known for its trademark bunny (pictured), before the [...]
Lazard head to be Obama’s Bank Manager November 13, 2014 Lazard banker Antonio Weiss is set to become Barack Obama’s top domestic policymaker on banking and finance, as the president’s pick for the US Treasury. Weiss is the global head of investment banking at Lazard. The Senate will get the final say on his appointment.
Warren Buffett’s Berkshire Hathaway buys Duracell for $4.7bn from Proctor and Gamble November 13, 2014 Warren Buffet’s Berkshire Hathaway has bought up Procter and Gamble’s (P&G) bunny-led battery brand Duracell. The investment firm paid $4.7bn (£3bn) in the form of P&G shares returned to the consumer goods giant- its entire stake in the business. P&G, which had been wanting to offload a host of non-core brands to concentrate on its [...]
Ex-Gaucho MD’s new place M is pukka for Chuka November 12, 2014 Some of the City’s best known names trotted down to Threadneedle Walk last night for the opening of Gaucho’s former MD Martin Williams’ new restaurant complex, M. Metro Bank chief Craig Donaldson was there, rubbing shoulders with designer Amanda Wakeley, chef Angela Hartnett and shadow business secretary Chuka Umunna, who was there with old uni [...]
Mike Ashley’s Sports Direct gives up naming rights to Rangers Ibrox Stadium and loans club an extra £1m November 12, 2014 Mike Ashley has given up his rights to rename Rangers football club’s Ibrox stadium and loaned the struggling club an additional £1m. The Sports Direct owner, who also owns a stake in the Scottish club, bought the naming rights two years ago for just £1, but the deal was only revealed in September. The miniscule [...]
New Look exits Russia blaming political unrest November 11, 2014 New Look has pulled out of its franchise agreements in Russia and Ukraine, blaming financial and political instability in the two countries. The value fashion retailer, which had previously targeted Russia as a key area of growth, said yesterday it was closing all 20 shops in Russia and six shops in Ukraine. Chief executive Anders [...]
New Look defies warm weather as profits soar November 11, 2014 New Look has defied the warm weather that has dampened other retailers' sales, with the fast fashion business reporting profits up a whopping 89.1 per cent for the first half of the year. Profits before tax stood at £26.1m for the six months to September 27 – up on £13.8m the same period last [...]
Why Facebook’s Mark Zuckerberg has a business case for T-shirts November 10, 2014 His Q&A last week revealed some unlikely lessons for leaders. Facebook staff are treated every Friday to a Q&A session with founder Mark Zuckerberg. And last week, that privilege was extended to Facebook users, with a small crowd gathering to volley questions at Zuckerberg and his leadership team. Holding court for just over an [...]